Hello Readers,
Greetings of the Day ! 🙏
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Today's Word of Wisdom -
Life is like a coin. Pleasure & Sorrow are 2 Sides. Only one side is visible at a time, but remember that other side is also waiting for its turn.
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09 January 2018 Updates 📄📄📄
It is Assessees’ Duty to ensure that Audited Books are submitted on time and that CA does his job properly: ITAT [Read Order]
Read more at: http://www.taxscan.in/assessees-duty-ensure-audited-books-submitted-time-ca-job-properly-itat-read-order/15899/
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ICAI Clarifies Issues on Requirement for Completion of Advanced ICITSS course and Advanced IT Test for CA Final Students [Read Announcement]
Read more at: http://www.taxscan.in/icai-clarifies-issues-requirement-completion-advanced-icitss-course-advanced-test-ca-final-students-read-announcement/15934/
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GST Council to Meet Next Week to probe on Revenue Fall
Read more at: http://www.taxscan.in/gst-council-meet-next-week-probe-revenue-fall/15928/
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Activity of Retreading of Old Tyres not subject to Service Tax prior to Amendment in 2005: CESTAT [Read Order]
Read more at: http://www.taxscan.in/activity-retreading-old-tyres-not-subject-service-tax-prior-amendment-2005-cestat-read-order/15931/
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GST Council to Meet on Thursday to probe on Revenue Fall
Read more at: http://www.taxscan.in/gst-council-meet-next-week-probe-revenue-fall/15928/
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Slump Price paid to Acquire Business has to be Bifurcated between Tangible and Intangible Assets for allowing Depreciation: ITAT [Read Order]
Read more at: http://www.taxscan.in/slump-price-paid-acquire-business-bifurcated-tangible-intangible-assets-allowing-depreciation-itat-read-order/15914/
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Food or Drink supplied in College Canteen/ Mess attract 5% GST without Input Tax Credit [Read Circular]
Read more at: http://www.taxscan.in/food-drink-supplied-college-canteen-mess-attract-5-gst-without-input-tax-credit-read-circular/15937/
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Lawyers must be appointed as Members of Sales Tax Tribunals: CAs/ Commissioners can be appointed If they have Expertise in the Subject: Bombay HC [Read Judgment]
Read more at: http://www.taxscan.in/bombay-hc-demands-lawyers-members-sales-tax-tribunals-cas-commissioners-can-appointed-expertise-subject-read-judgment/15947/
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Security Amount Deposited under KVAT Act could be Adjusted towards Prior Liabilities: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/security-amount-deposited-kvat-act-adjusted-towards-prior-liabilities-kerala-hc-read-judgment/15920/
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👉🏻Govt notifies the Companies (Amendment) Act, 2017
(The Central Government notified the Companies (Amendment) Act, 2017 (Amendment Act) on 3rd January, 2018. The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette.)
👇🏻 👇🏻 👇🏻
https://goo.gl/3ZEZUW
*👉🏻Companies facing insolvency action to get MAT relaxation.*
(Govt will now allow such companies to reduce the amount of total loss brought forward including unabsorbed depreciation from the book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act.)
👇🏻 👇🏻 👇🏻
https://goo.gl/6xP7qmv
*👉🏻Names of Audit Firms approved for appointment as CSA in Public Sector Banks.*
(Names of Audit Firms approved for appointment as Statutory Central Auditors in 21 Public Sector Banks for the year 2017-18.)
👇🏻 👇🏻 👇🏻
https://goo.gl/1GS9y5
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CBDT issues Circular 29/2017 of 5.12.17 for TDS on Salaries in FY 17-18. Loss under head House Property exceeding 2 lac to be ignored for calculating TDS.
Clarifications on GST on accommodation, betting & gambling, horse racing, cinema, printing, legal services etc. Circular 27/01/2018-GST of 4.1.18.
Services by way of transportation of goods by road other than GTA or a Courier agency are exempt from tax under entry No. 18 of Notification No. 12 /2017 dated 28th June, 2017, so not liable for registration under GST.
The nationwide E-way Bill system will be ready to be rolled out on a trial basis latest by Jan 16, 2018. Trade and transporters can start using this system on a voluntary basis from Jan 16, 2018 before it becomes compulsory.
E-Way Bill will become mandatory for inter-state movement of goods from Feb 1, 2018.
GSTN has released an updated version of Returns offline Tool Version v2.2. GST returns prepared using older version of Tool might have some issues. Please use the updated version of Off Line Tool for preparing GSTR-1 & GSTR-2.
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MCA proposes change in process of obtaining fresh Director Identification Number
MCA has proposed to re-engineer the process of allotment of Director Identification Number (DIN) by allotting DIN to individuals only at the time of their appointment as Directors (If they do NOT possess a DIN) in companies.
DIR-3 (Application for Director Identification Number) would be applicable for the allotment of DIN to individuals in respect of existing companies only and shall be filed by the existing company in which the proposed Director is to be appointed.
Further, DINs to the proposed first Directors in respect of new companies would be mandatorily required to be applied for in SPICe forms (subject to a ceiling of 3 new DINs) only.
It has also proposed to modify DIR-3 to permit allotment of up-to 2 new DINs (since SPICe provides for up to 3 new DINs) only in respect of ‘Producer Companies’. A separate notification would be issued for the same.
To facilitate corresponding changes in LLP e-forms due to deprecation of DIR-3, it has also proposed to temporarily suspend issuance of allotment of new DINs for Designated Partners/Partners of LLPs w.e.f 26th January 2018 till 31st March 2018.
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GST: Govt to Re-structure Anti-Profiteering Procedure
Read more at: http://www.taxscan.in/gst-govt-re-structure-anti-profiteering-procedure/15874/
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No Service Tax on Development of Slum Area for Plotting: CESTAT [Read Order]
Read more at: http://www.taxscan.in/no-service-tax-development-slum-area-plotting-cestat-read-order/15876/
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Police Dept Not Liable to pay Service Tax under the head ‘Security Agency Services’: CESTAT [Read Order]
Read more at: http://www.taxscan.in/police-dept-not-liable-pay-service-tax-head-security-agency-services-cestat/15886/
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GST Department clarifies Rate of Tax applicable to Nonwoven Bags & Cotton Bags [Read Circular]
Read more at: http://www.taxscan.in/gst-department-clarifies-rate-tax-applicable-nonwoven-bags-cotton-bags-read-circular/15897/
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📺 *Updates*
➡1. EPFO directs PF Commissioners not to force employers to contribute PF over statutory liability.
➡2. NCLT orders restoration of Co’s name as it was running successful business and agreed to file pending returns
Sree Gayathri Leisure India (P.) Ltd. v. Registrar of Companies Andhra Pradesh & Telangana
➡3. Petitioner couldn’t be treated as creditor as he failed to show that loan was against consideration for time
Vishwa Nath Singh v. Visa Drugs & Pharmaceuticals (P.) Ltd.
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CBDT Circular restricting amenities to Doctors is prospective in nature: The Jaipur bench of ITAT recently held that the circular issued by the CBDT restricting amenities to doctors.
The process of Advance Ruling under GST to get a User Id and make a payment, is identical for both registered and unregistered persons.
Option to file application for cancellation of New Registration under GST is provided on the portal. Those taxpayers who get registered under GST after 1st July 2017 and now seeking to cancel their registration, can file the online application with the GST portal.
RBI issued Master Direction regarding Foreign Investment in India vide BI/FED/ 2017-18/60 FED Master Direction No. 11/2017-18 January 4, 2018.
SEBI asked mutual fund schemes to compare their performance with the Total Return Index of the benchmark. At present, most mutual fund schemes are benchmarked to the Price Return variant of an Index (PRI), which only captures capital gains of the index constituents.
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Govt relaxes MAT Provisions for Companies against whom an Application for Corporate Insolvency Resolution process is Admitted
Read more at: http://www.taxscan.in/govt-relaxes-mat-provisions-companies-application-corporate-insolvency-resolution-process-admitted/15856/
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HIGHLIGHTS OF THE COMPANIES (AMENDMENT) BILL, 2017
1.For incorporation of company declaration will be required instead of affidavits.
2.Name reservation in case of new company shall be valid for 20 days from date of approval instead of 60 days from the date of application.
3.Annual General Meeting of unlisted company can be held anywhere in India.
4.Every company shall have registered office within 30 days of incorporation instead of current requirement to have registered office with in 15 days.
5.Notice of every changes of situation of the registered office shall be given to ROC within 30 days instead of 15 days as currently provided.
6.Sweat equity shares can be issued at any time currently it can be issued after 1 year from commencement of business.
7.In addition to Directors & KMP, any employee of the company can also authenticate company documents as authorised.
8.Wholly owned subsidiary (WOS) of a company incorporated outside of India is now allowed to hold EGM outside India.
9.No central govt. approval required for payment of remuneration in excess of 11% of net profit.
10.Money received under the private placement shall not be utilised unless the return of allotment is filled with the ROC.
11.Central govt. Can provide any other number to be treated as DIN like Aadhar or Pan.
12.Where a director incur any of disqualification under section 164(2) due to default of filing of financial statement or annual return or repayment of deposit or pay interest or other mentioned in section, than he shall be vacate office of the director in all the companies other than the company which is in default.
13.Requirememt of filing of form DIR 11 (Filing of a copy of resignation to ROC by director itself) made optional.
14.Elegibilty for doing CSR to be determined based on preceding "Financial Year" instead of "three preceding Financial year";
15.The requirement related to annual ratification of appointment of auditor by members is omitted.
16.CG will prescribe an abridged Board Report for One Person Company and small company.
17.Disclosure which have been provided in the financial statement shall not be required to be reproduced in the Board Report again.
18.Disclosure by promotes and top ten shareholder with respect to 2% change in shareholding in a listed company is omitted.
19.In case delay in filing documents, fact or information required to be submitted under section 92 (Annual Return) or 137 (copy of financial statement), after expiry of prescribed period a flat additional fee of Rs.100 per day shall be paid instead of slab wise additiinal fee.
20.For calculation of net worth of the company debit or credit balance of profit and loss account shall be included
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MCA Update
1. INC 1 discontinued till 26.01.17.
2. Those who reserved name through INC 1 requested to file spice immediately before 25.01.17. only One resubmission allowed till 25.01.17.
3. DIN of partner in LLP discontinued till 31.03.17 from 26.01.17.
4. proposed to reengineer the process of allotment of DIN by allotting
DIN to individuals only at the time of their appointment as Directors (If
they do NOT possess a DIN) in companies.
DIR-3 (Application for Director Identification Number) would be applicable for the allotment of DIN to individuals in respect of existing companies only and shall be filed by the existing company in which the proposed Director is to be appointed. Further, DINs to the proposed first Directors in respect of new companies would be mandatorily required to be applied for in SPICe forms (subject to a ceiling of 3 new DINs) only.
5. proposed to mandate SPICe (with necessary provision for
incorporating Producer Companies) as the only form for incorporation of companies w.e.f. 26th January, 2018. Accordingly, INC-7 would be deprecated for incorporation of companies
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👉An important GST provision that all bills of July, 2017 are to be paid within 180 days of invoice date otherwise the ITC claimed on such bills are liable to be reversed and the ITC would be added to output tax liability to be paid alongwith interest @ 18%*.
*GST - IMPORTANT ISSUE TO BE CONSIDERED FROM DECEMBER ONWARDS*
If you are availing input tax credit in GST the Government has fixed a credit period of 180 days. Kindly read the below mentioned steps and follow the same to be on the right side of the law.
*Detailed steps are as under*
*Step 1*
If you are availing input tax credit (ITC) then check whether payment (value plus tax) has been made (in full or part) to the supplier for the supply of Goods or Services or Both within 180 days from the date of invoice.
If payment is not made (in full or part) within 180 days from the date of invoice then go to Step 2.
*Step 2*
Reverse that amount of ITC credit availed (either in full or in part) and add the same to the output tax liability ledger after the expiry of 180 days.
Proceed to Step 3.
*Step 3*
Interest at the rate of 18% per annum has to be paid on the value of ITC reversed as per Step 2.
Interest has to be calculated for the number of days commencing from the date of availing the ITC in the books of accounts till the date of adding the ITC to the output tax liability ledger.
*Step 4*:
On the date the payment as discussed in Step 1 is made to the supplier the ITC so reversed can be availed as credit again. However, the Interest paid shall be the cost.
🙏Thank you🙏
Have a nice day
